‘Assets declaration scheme’, SBP issues notification
KARACHI: The State Bank of Pakistan issued a notification related to the asset declaration scheme that allows repatriation of foreign assets by converting 10 currencies into Pakistani rupee.
According to the notification, tax can be paid under the exchange rate notified by the SBP in US dollars and UAE Dirhams.
The notification further stated that a taxpayer should declare the value of their assets outside Pakistan on the Federal Board of Revenue web portal in respective currency.
The FBR’s system will generate tax liability by the tax payer into Pakistani rupees and other two currencies.
As per the notification, same method will be used to declare internal foreign exchange reserves.
The foreign assets can be declared online through the Pakistan Banao Certificates. The certificates can be issued to those repatriating their assets held outside Pakistan through banking channels.